Personal

Business

Shareholders

Javascript error JavaScript must be enabled on your browser to access this secure site. Please see your browser's help section for enabling JavaScript. After JavaScript is enabled, please try logging in again.

Manage your home loan online

Download the mobile app

Download the iPad app

How to get the most out of your home loan

As gold medal winner for Best Bank Loan Features at the 2013 Australian Home Loan Awards, we’re constantly looking for ways to make it easier for our customers to manage and make the most of their accounts.

Take advantage of a few basic repayment strategies and you may be able to pay off your loan sooner. Utilise built-in loan features and optional accounts on offer. Be sure you get to know and use all the features that come with your home loan. For example:

Your circumstances may change during the life of your loan so it’s wise to regularly review the features and structure of your loan to see how well it matches your needs. AMP Bank also introduces new types of loans from time to time based on changes in the marketplace [so you should keep this in mind].

How can an offset account help you pay off your home loan sooner?

An offset account is a simple tool that can help you save thousands of dollars over the life of your home loan.

So how does it work? A home loan offset account is a day-to-day savings account typically linked to a variable rate home loan. It allows the amount you have in savings to reduce the balance of your home loan for the purpose of calculating interest charges.

Let’s look at an example. If you have a $325,000 mortgage with an interest rate of 5.20% per annum and keep $2,500 in your offset account, you’ll only pay interest on $322,500 of the loan. The effects will add up over time—you’ll end up paying off your 30-year home loan five months early and saving $8,632 into the bargain.

The more you have in your offset account, the more you can save. For example, if you keep a balance of $25,000 in your offset account, that could help you pay off your 30-year mortgage three years and eight months earlier and save you $77,619 in interest.

For some people, an offset account is most effective when they make it the centre of their financial world. Making some simple changes to your day-to-day behaviour can maximise the benefits of an offset account and help you pay off your home loan sooner. Some of the options to consider when using an offset account are:

using the account for all your day-to-day banking

putting any extra savings into the offset account

using your credit card for most of your purchases and then making sure you clear the card once a month to avoid interest. Your money will sit in the offset account for longer, helping to offset mortgage interest.

Please note, calculations are illustrative, do not represent actual rates or products, and are based on an interest rate of 5.20% per annum.

Eligible loans for an Offset Deposit Account

Most of AMP Bank's variable rate loans are eligible to be linked to an Offset Deposit Account. Some excluded loans are Construction and Land Loans, AMP Essential Home Loan and all Lines of credit. Fixed rate loans are also not eligible for any interest offset benefits.

Linking an Offset Deposit Account to eligible loan accounts is only completed on request. We do not automatically link your Offset Deposit Account to your loan account. You can do this when you are approved for your loan or by calling us on 13 30 30.

Have you had an AMP Bank home loan for a while?

Check our list of eligible loan accounts (both past and current) and a list of loan accounts which are not eligible to be linked to an Offset Deposit Account. If an Offset Deposit Account is linked to a loan account that is not eligible, no offset benefit will apply.

AMP Bank home loan options for you

Want to speak to a financial adviser?

Compare home loans with our Key Facts Sheet tool

We're committed to online security

Important information

It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account.

This information is provided by AMP Bank Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.